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Bharat Forge Ltd.

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bharatforge.comBSE: 500493NSE: BHARATFORG
Market Cap₹ 94,499 Cr.
Current Price
High / Low₹ 2,295 / 1,179
Stock P/E117.9
Book Value₹ 237
Price to Book7.29
Dividend Yield0.43 %
ROCE9.8 %
ROE7.5 %
Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence
74%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 21.3% CAGR over last 5 years
  • Company has delivered good sales growth of 18.1% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.50x)
  • Company has been maintaining a healthy dividend payout of 49.6%
  • Company has a consistent dividend-paying track record
  • Company generates healthy free cash flow

CONS

  • Recent results are weak - TTM profit is down 38.6% versus prior year
  • Valuation is stretched - P/E of 117.9 is well above its own 5-year median (42.2)
  • Recurring exceptional / one-off items are inflating headline profit
  • Stock is trading at 7.3x its book value
  • Growth is decelerating - 3Y profit CAGR (-7.8%) trails the 5Y trend (21.3%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 500NIFTY ALPHA 50NIFTY AUTONIFTY LARGEMID250NIFTYLARGEMIDCAP250
S.No.Name
1.BHARATFORG1976.60133.8094499.000.43-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2255.4565.0221286.650.1891.4639.24449.4227.0318.1931.34
3.RKFORGE721.35122.9413140.920.1446.88297.761216.6719.845.5617.91
4.BALUFORGE541.4024.536572.160.0366.0915.89300.7228.9522.9528.19
5.MMFL617.5517.612981.630.6590.42371.26420.4818.719.0017.82
6.HILTON18.6118.7795.780.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.590.0053.580.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,1272,2492,2632,3292,3382,2472,0962,1632,1051,9472,0842,2602,347
1,5791,6431,6001,6691,6871,6211,4861,5461,5331,3961,5171,6431,920
Operating Profit549607663659651625610617572551566617428
OPM %25.79%26.98%29.30%28.31%27.86%27.84%29.10%28.51%27.17%28.30%27.18%27.31%18.21%
47403525-1014830284239-21-46459
Interest71738163706457595248414043
Depreciation109113112108109108110112112111112112115
Profit before Tax4174625045133715024734734494303920437
Tax %25.21%25.05%25.10%24.00%27.34%28.04%26.78%27.00%24.65%27.95%26.44%51300.00%26.50%
Net Profit312346378390269361346346339310288-118321
6.697.438.118.375.797.757.387.237.086.486.03-2.476.72

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,8655,3166,5204,5643,6526,2557,5738,9698,8448,3968,638
2,7923,7794,6443,5482,9244,5875,7326,5006,4176,1086,476
Operating Profit1,0731,5371,8761,0167281,6681,8412,4692,4272,2882,162
OPM %27.75%28.91%28.77%22.25%19.93%26.66%24.31%27.53%27.44%27.25%25.03%
138-151966713124718115682-386-389
Interest738510214578107213287250182173
Depreciation295307347345366412426442440448451
Profit before Tax8421,1311,6235934151,3961,3831,8951,8191,2711,259
Tax %30.55%37.44%34.00%20.09%24.78%22.79%24.39%24.81%27.30%35.59%36.34%
Net Profit5857071,0714743121,0781,0451,4251,322819802
EPS12.5615.1923.0010.176.7023.1522.4530.6127.6617.13—
Dividend Payout %29.84%29.62%21.73%34.41%29.84%30.24%31.17%29.41%30.73%49.63%—

COMPOUNDED SALES GROWTH

10 Years:
7%
5 Years:
18%
3 Years:
3%

COMPOUNDED PROFIT GROWTH

10 Years:
2%
5 Years:
21%
3 Years:
-8%

STOCK PRICE CAGR

10 Years:
17%
5 Years:
20%
3 Years:
21%
1 Year:
63%

RETURN ON EQUITY

10 Years:
14%
5 Years:
14%
3 Years:
13%
Last Year:
7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2017

Sep 28

1:1

Bharat Forge Ltd has informed BSE that the Board of Directors of the Company in its meeting held on August 10, 2017, inter alia, have recommended issue of Bonus Shares to holders of equity shares of the Company in the ratio of 1:1 (i.e. One bonus equity share of Rs. 2/- each fully paid up for every one fully paid-up equity shares of Rs. 2/- each held) subject to approval of the shareholders of the Company through postal ballot. Subject to shareholders? approval, bonus shares will be credited or share certificates in respect thereof will be dispatched to the shareholders on or before October 09, 2017. The Company will also seek the approval of members of the Company through postal ballot inter alia for increase in authorised share capital of the Company.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital47939393939393939696
4,1854,5215,3055,2625,8567,0177,6078,47610,86910,893
1,7282,0923,0403,0203,4943,6624,2264,4474,0934,123
Trade Payables4646898126118019671,2131,2871,3861,401
1,2539716897318711,1021,055885816968
Total Liabilities7,6778,3669,9399,71711,11512,84114,19415,18817,26017,481
2,3732,5282,6342,8083,4593,3013,2383,1563,1013,088
Capital Work in Progress374302713895270248303376838728
1,7722,0612,1922,3533,5693,9004,2794,4656,0456,818
4265387607588751,1111,2641,3291,5401,570
00000003,6183,8204,130
Cash & Bank2781883704442803834021,054929370
2,4532,7503,2702,4612,6623,8984,7081,189987778
Total Assets7,6778,3669,9399,71711,11512,84114,19415,18817,26017,481

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,1561,3231,3251,5968936201,1842,0921,7011,544
Cash from Investing-579-697-1,002-729-1,130-249-601-809-2,841-555
Cash from Financing-372-367299-62036875-172-641457-984
-59-12293285210215642-6835

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
45.2545.2544.0744.0744.0744.0744.0744.0744.07
17.0418.7217.8716.0814.3713.6212.4014.1515.04
27.9626.3228.3530.2031.2632.1134.0832.6232.18
Government0.000.000.000.000.000.000.000.000.00
9.589.559.559.5110.1510.059.309.018.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Amalgamation/Merger

2026-09-10 - Bharat Forge Limited has informed the Exchange about Amalgamation/Merger

2026-09-10
Copy of Newspaper Publication

2026-09-10 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03
Press Release

2026-09-03 - Bharat Forge Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Kalyani Strategic Systems Partners with FN Herstal to Build Small Arms and Counter-UAS Capability in India".

2026-09-03
Press Release

2026-09-03 - Bharat Forge Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Thales and Kalyani Strategic Systems Limited sign Strategic Alliance Agreement for 70-mm Rocket Systems".

2026-09-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Bharat Forge Limited has informed the Exchange about Schedule of meet

2026-09-02
Sale or disposal

2026-09-02 - Bharat Forge Limited has informed the Exchange about Sale or disposal

2026-08-31
Copy of Newspaper Publication

2026-08-31 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Bharat Forge Limited has informed the Exchange about Presentation

2026-08-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Bharat Forge Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for BHARATFORG

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